JUNE 30     December 31
                                                           2003            2002
                                                              $               $
                                                       --------     -----------
ASSETS

Current assets
   Cash and cash equivalents                                334           3,432
   Short-term investments at market value                   221             315
   Receivables                                            3,623           3,718
   Settlements receivables                                3,832           4,161
   Notes receivable                                         590           1,903
   Inventories of ore and supplies (note 2)               4,751           3,040
   Prepaids                                                 319             555
                                                       --------        --------
                                                         13,670          17,124

Notes receivable                                         26,145          26,735
Investment                                                6,437           6,447
Restricted deposits and swap agreement                   49,037          48,900
Future income tax                                         2,111           2,350
Mining interests (note 4)                                23,273          25,833
Accrued benefit assets                                    2,093           1,732
Other assets                                              2,455           2,612
                                                       --------        --------
                                                        125,221         131,733
                                                       ========        ========

LIABILITIES

Current liabilities
   Accounts payable                                       6,823           6,280
   Accrued liabilities                                    3,038           3,140
   Current portion of long-term debt                      1,565           2,698
                                                       --------        --------
                                                         11,426          12,118

Reclamation and site restoration accruals                 6,500           6,500
Long term debt (note 6)                                  56,029          56,468
Future income tax                                         2,111           2,350
Deferred royalty (note 5)                                31,044          31,835
Other liabilities                                            --             102
                                                       --------        --------
                                                        107,110         109,373
                                                       --------        --------
SHAREHOLDERS' EQUITY

   Capital stock (note 6)                                30,044          30,013
   Warrants                                                 258           1,339
   Deficit                                              (12,191)         (8,992)
                                                       --------        --------
                                                         18,111          22,360
                                                       --------        --------
                                                        125,221         131,733
                                                       ========        ========